October 7, 2014 Fact of the Day: Should the Penny Stay or Go?
Do Americans feel that pennies are useful and necessary in today's environment? Or should we just empty our pockets and get rid of the change? Surprisingly, over 50 percent of investors, 53 percent in fact, feel that the United States should get rid of pennies. Men and women feel differently about pennies. Sixty-two percent of men think we should get rid of the penny, while only 43 percent of women feel the same way. More women think the penny is useful, on the other hand, the dollar bill is seen as an essential piece of American money. Eighty-six percent of investors surveyed feel that the United States should not get rid of the dollar bill, that's the one dollar bill. There's a slight difference of opinion regarding the dollar bill though as age increases. Only 5 percent of investors under the age of 40 think it's useless, while 15 percent over the age of 60 feels a single dollar bill is not useful. Maybe the older folk can afford the bigger bills. If you would like help with your pennies and dollars, check out our Best Financial Advisors service.